The public that buys the stock at ipo at this inflated valuation and unwittingly buys indexes which include it (as with spacex).

its interesting, as it's typically the banks and against the public at large because the goal is to jimmy up valuations to justify IPOs then sell on opening; just like spacex.

It's what enron was doing; it's what most of crypto's offshoots were doing.

Sure you can blame the marks of the grift and say "well the public should know they're faking all this cash flow expectation".

It seems like you're either driving the grift economy or part of the collusion.

It's similar to how a cult operates, so I'll be frank: your skepticism seems biased.